EXHIBIT 99.2

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NEWS RELEASE

For Immediate Release

MACK-CALI REALTY CORPORATION
ANNOUNCES FIRST QUARTER RESULTS

CRANFORD, NEW JERSEY – May 5, 2005 – Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the first quarter 2005.

Highlights of the quarter included:

-     Reported net income per diluted share of $0.36;

-     Reported FFO per diluted share of $0.89;

-     Completed the acquisition of 101 Hudson Street, a 1.2 million square foot office building in Jersey City, New Jersey, for $329 million;

-     Acquired a 350,000 square-foot class A office building in Holmdel, New Jersey for $23.75 million, and simultaneously leased the building;

-     Acquired remaining interests in One River Centre for $10.5 million;

-     Sold three office properties in separate transactions for $20.4 million (including its remaining assets in Texas and Nebraska); and

-     Declared $0.63 per share quarterly common stock dividend.

FINANCIAL HIGHLIGHTS

Net income available to common shareholders for the first quarter 2005 equaled $22.4 million, or $0.36 per share, versus $26.3 million, or $0.44 per share, for the same quarter last year.

Funds from operations (FFO) available to common shareholders for the quarter ended March 31, 2005 amounted to $67.1 million, or $0.89 per share, versus $64.9 million, or $0.87 per share, for the quarter ended March 31, 2004.

Total revenues for the first quarter 2005 increased 9.8 percent to $153.4 million as compared to $139.7 million for the same quarter last year.

All per share amounts presented above are on a diluted basis.

The Company had 61,514,061 shares of common stock, 10,000 shares of 8 percent cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), 7,657,428 common operating partnership units and 215,018 of $1,000-face-value preferred operating partnership units outstanding as of March 31, 2005.

The outstanding preferred units are convertible into 6,205,425 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 75,376,914 shares/common units outstanding at March 31, 2005.

As of March 31, 2005, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 5.98 percent. The Company had a total market capitalization of $5.3 billion and a debt-to-undepreciated assets ratio of 42.5 percent at March 31, 2005. The Company had an interest coverage ratio of 3.4 times for the quarter ended March 31, 2005.

Mitchell E. Hersh, president and chief executive officer, commented, “In the first quarter, we continued to execute our strategic plan of increasing our Northeast holdings and disposing of assets in non-core markets. We acquired 1.6 million square feet of properties in New Jersey, and completed our exit of the Texas markets. We’re pleased with our results and remain well-positioned to capitalize on the recovering economy.”

The following is a summary of the Company’s recent activity:

ACQUISITIONS

In March, the Company announced several acquisitions, as follows:

-    The Company completed the acquisition of all the interests in 101 Hudson Street, a 1.2 million square-foot class A office tower on the Jersey City waterfront. The 42-story building was purchased for $329 million;

-    The Company acquired the remaining 37.5 percent interests in One River Centre, a three-building, class A office complex totaling 460,000 square feet located in Middletown, New Jersey, giving the Company a 100 percent ownership interest in the complex. The interests were acquired for $10.5 million; and

-    The Company acquired a 350,000 square-foot class A office building in Holmdel, New Jersey and simultaneously leased the entire building to Vonage USA for its corporate headquarters. The two-story building was acquired for $23.75 million.

PROPERTY SALES

In February, the Company completed several property sales, as follows:

-    The Company sold the Brandeis Building, a 318,224 square-foot office building in Omaha, Nebraska. The building, which was 13 percent leased, was sold for $8.7 million;

-    The Company sold its remaining, wholly-owned Texas property, 1122 North Alma Road, an 82,576 square foot office building in Richardson, for approximately $2.1 million. The vacant building was the last of three buildings sold in a transaction announced by the Company in November 2004; and

-    The Company sold its 75,668 square foot office property located at 3 Skyline Drive in Hawthorne, New York for approximately $9.6 million.

FINANCING ACTIVITY

In January, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of 10-year senior unsecured notes. The 5.125 percent notes are due January 15, 2015. The proceeds from the issuance of approximately $148.1 million were used primarily to repay outstanding borrowings under the Company’s unsecured credit facility.

More recently, in April, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of five-year senior unsecured notes. The 5.05 percent notes are due April 15, 2010. The proceeds from the issuance of $148.8 million were used to repay outstanding borrowings under the Company’s unsecured credit facility.

DIVIDENDS

In March, the Company’s Board of Directors declared a cash dividend of $0.63 per common share (indicating an annual rate of $2.52 per common share) for the first quarter 2005, which was paid on April 18, 2005 to shareholders of record as of April 5, 2005.

The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100^th of a share of preferred stock) equal to $0.50 per depositary share for the period January 15, 2005 through April 14, 2005. The dividend was paid on April 15, 2005 to shareholders of record as of April 5, 2005.

LEASING INFORMATION

Mack-Cali’s consolidated in-service portfolio was 91.1 percent leased at March 31, 2005, compared to 91.2 percent leased at December 31, 2004.

For the quarter ended March 31, 2005, the Company executed 185 leases totaling 1,336,037 square feet, consisting of 1,064,055 square feet of office space and 271,982 square feet of office/flex space. Of these totals, 767,500 square feet were for new leases and 568,537 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

-    Vonage USA, Inc., a New Jersey-based provider of broadband voice over Internet protocol (VOIP) services, leased the entire 350,000 square foot office building at 23 Main Street in Holmdel, New Jersey, which the Company acquired in the first quarter, for a term of 12 years and five months. Vonage will initially occupy approximately 262,500 square feet of the building, then occupy the balance approximately one year later, after the expiration of short-term leasebacks by the building’s seller.

-    Dassault Falcon Jet Corp., a subsidiary of aircraft manufacturer Dassault Aviation, signed a lease for 114,042 square feet at Mack-Cali Airport in Little Ferry, New Jersey. The transaction represents a 19,467 square-foot expansion for 16 years and a renewal of 94,575 square feet for 10 years. The 286,628 square foot office building is 95.4 percent leased.

-    IXIS North America, Inc. leased two full floors totaling 71,681 square feet at Harborside Financial Center Plaza 5 in Jersey City, New Jersey. The firm, which along with its subsidiaries makes up the US capital markets arm of IXIS Corporate & Investment Bank, will initially occupy 55,198 square feet for a 15-year term and the balance of the space five years after lease commencement. The 977,225 square-foot Harborside Financial Center Plaza 5 is 87 percent leased.

-    Science Applications International Corporation (SAIC), a research and engineering company, signed a new, five-year lease for 44,988 square feet at One River Centre, Building Two in Middletown, New Jersey. The 120,360 square-foot office building is 100 percent leased.

-    The Artina Group, Inc., a manufacturer of software compatible forms for business printing, signed a lease for 26,471 square feet at 250 Clearbrook Road in Elmsford, New York. The transaction represents an expansion of 4,330 square feet for eight years and a renewal of 22,141 square feet for three years. 250 Clearbrook Road, located at Cross Westchester Executive Park, is a 155,000 square-foot office/flex building that is 97.3 percent leased.

-     HQ Global Workplaces, Inc., a provider of temporary office suites, leased 22,279 square feet at Harborside Financial Center Plaza 5 for 10 years.

-    Cisco Systems, Inc., a supplier of networking equipment and network management for the Internet, signed a new, 10-year lease for 20,000 square feet at 1340 Campus Parkway in Wall Township, New Jersey. The 72,502 square-foot office/flex building, located at Monmouth Shores Corporate Park, is 94.9 percent leased.

-    Nationwide Mutual Insurance Company, an insurance and financial services provider, leased 17,592 square feet for five years at 565 Taxter Road in Elmsford, New York. The transaction consisted of a 16,362 square-foot renewal and an expansion of 1,230 square feet. The 170,554 square-foot office building is 90.1 percent leased.

Included in the Company’s Supplemental Operating and Financial Data for the first quarter 2005 are schedules highlighting the leasing statistics for both the Company’s consolidated and joint venture properties.

The supplemental information is available on Mack-Cali’s web site, as follows:
http://www.mack-cali.com/graphics/shareholders/pdfs/1st.quarter.sp.05.pdf

ADDITIONAL INFORMATION

The Company expressed comfort with net income and FFO per diluted share for the second quarter and full year 2005, as follows:

These estimates reflect management’s view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.